08/03/2021 | Press release | Distributed by Public on 08/03/2021 04:23
For the three months ended June 30, | For the six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenue
|
||||||||
Hughes
|
$ | 492,276 | $ | 453,172 | $ | 968,136 | $ | 911,654 |
EchoStar Satellite Services
|
4,283 | 4,179 | 8,372 | 8,831 | ||||
Corporate and Other
|
3,275 | 2,115 | 5,908 | 4,647 | ||||
Total revenue
|
$ | 499,834 | $ | 459,466 | $ | 982,416 | $ | 925,132 |
Adjusted EBITDA
|
||||||||
Hughes
|
$ | 207,317 | $ | 186,277 | $ | 409,253 | $ | 348,496 |
EchoStar Satellite Services
|
2,243 | 1,543 | 4,162 | 3,573 | ||||
Corporate & Other:
|
||||||||
Corporate overhead, operating and other
|
(20,497) | (22,252) | (41,964) | (42,375) | ||||
Equity in earnings (losses) of unconsolidated affiliates, net
|
(2,369) | (4,668) | 984 | (156) | ||||
Total Corporate & Other
|
(22,866) | (26,920) | (40,980) | (42,531) | ||||
Total Adjusted EBITDA
|
$ | 186,694 | $ | 160,900 | $ | 372,435 | $ | 309,538 |
Net income (loss) | $ | 35,015 | $ | (14,843) | $ | 112,587 | $ | (72,580) |
Expenditures for property and equipment
|
$ | 83,232 | $ | 92,300 | $ | 262,466 | $ | 196,904 |
For the three months ended June 30, | For the six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Net income (loss) | $ | 35,015 | $ | (14,843) | $ | 112,587 | $ | (72,580) |
Interest income, net | (5,240) | (10,760) | (11,189) | (26,343) | ||||
Interest expense, net of amounts capitalized | 28,868 | 38,258 | 63,535 | 74,491 | ||||
Income tax provision (benefit), net | 21,152 | 10,851 | 43,299 | 3,359 | ||||
Depreciation and amortization | 118,982 | 129,887 | 248,268 | 262,255 | ||||
Net loss (income) attributable to non-controlling interests | 2,280 | 3,431 | 3,227 | 6,873 | ||||
EBITDA
|
201,057 | 156,824 | 459,727 | 248,055 | ||||
(Gains) losses on investments, net
|
(30,633) | 6,090 | (109,233) | 52,762 | ||||
Impairment of long-lived assets | 15 | - | 245 | - | ||||
Litigation Expense | 16,800 | - | 16,800 | - | ||||
License fee dispute - India, net of non-controlling interests
|
(236) | (454) | (446) | (563) | ||||
Loss on Debt Repurchase | 356 | - | 1,938 | - | ||||
Foreign currency transaction (gains) losses, net
|
(665) | (1,560) | 3,404 | 9,284 | ||||
Adjusted EBITDA
|
$ | 186,694 | $ | 160,900 | $ | 372,435 | $ | 309,538 |
EchoStar Investor Relations
|
EchoStar Media Relations
|
Terry Brown
Phone: +1 303-728-5179
Email: [email protected]
|
Sharyn Nerenberg
Phone: +1 301-428-7124
Email: [email protected]
|
As of | ||||
June 30, 2021 | December 31, 2020 | |||
Assets | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 716,522 | $ | 896,005 |
Marketable investment securities | 841,521 | 1,638,271 | ||
Trade accounts receivable and contract assets, net | 186,945 | 183,989 | ||
Other current assets, net | 194,095 | 189,821 | ||
Total current assets | 1,939,083 | 2,908,086 | ||
Non-current assets: | ||||
Property and equipment, net | 2,431,653 | 2,390,313 | ||
Operating lease right-of-use assets | 131,931 | 128,303 | ||
Goodwill | 511,886 | 511,597 | ||
Regulatory authorizations, net | 474,770 | 478,762 | ||
Other intangible assets, net | 14,773 | 18,433 | ||
Other investments, net | 340,688 | 284,937 | ||
Other non-current assets, net | 364,822 | 352,921 | ||
Total non-current assets | 4,270,523 | 4,165,266 | ||
Total assets | $ | 6,209,606 | $ | 7,073,352 |
Liabilities and Stockholders' Equity | ||||
Current liabilities: | ||||
Trade accounts payable | $ | 121,635 | $ | 122,366 |
Current portion of long-term debt, net | - | 898,237 | ||
Contract liabilities | 127,820 | 104,569 | ||
Accrued expenses and other current liabilities | 297,649 | 299,999 | ||
Total current liabilities | 547,104 | 1,425,171 | ||
Non-current liabilities: | ||||
Long-term debt, net | 1,495,619 | 1,495,256 | ||
Deferred tax liabilities, net | 394,155 | 359,896 | ||
Operating lease liabilities | 118,779 | 114,886 | ||
Other non-current liabilities | 69,044 | 70,893 | ||
Total non-current liabilities | 2,077,597 | 2,040,931 | ||
Total liabilities | 2,624,701 | 3,466,102 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding at both June 30, 2021 and December 31, 2020
|
- | - | ||
Common stock, $0.001 par value, 4,000,000,000 shares authorized:
|
||||
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 57,825,270 shares issued and 42,289,277 shares outstanding at June 30, 2021 and 57,254,201 shares issued and 48,863,374 shares outstanding at December 31, 2020
|
58 | 57 | ||
Class B convertible common stock, $0.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at both June 30, 2021 and December 31, 2020
|
48 | 48 | ||
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both June 30, 2021 and December 31, 2020
|
- | - | ||
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both June 30, 2021 and December 31, 2020
|
- | - | ||
Additional paid-in capital | 3,337,190 | 3,321,426 | ||
Accumulated other comprehensive income (loss) | (182,226) | (187,876) | ||
Accumulated earnings (losses) | 699,405 | 583,591 | ||
Treasury shares, at cost | (343,869) | (174,912) | ||
Total EchoStar Corporation stockholders' equity | 3,510,606 | 3,542,334 | ||
Non-controlling interests | 74,299 | 64,916 | ||
Total stockholders' equity | 3,584,905 | 3,607,250 | ||
Total liabilities and stockholders' equity | $ | 6,209,606 | $ | 7,073,352 |
For the three months ended June 30, | For the six months ended June 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenue: | ||||||||
Services and other revenue | $ | 431,279 | $ | 417,043 | $ | 861,616 | $ | 825,400 |
Equipment revenue | 68,555 | 42,423 | 120,800 | 99,732 | ||||
Total revenue | 499,834 | 459,466 | 982,416 | 925,132 | ||||
Costs and expenses: | ||||||||
Cost of sales - services and other (exclusive of depreciation and amortization) | 139,547 | 141,019 | 272,336 | 286,271 | ||||
Cost of sales - equipment (exclusive of depreciation and amortization) | 54,503 | 32,542 | 99,654 | 78,450 | ||||
Selling, general and administrative expenses | 114,038 | 113,798 | 228,157 | 239,079 | ||||
Research and development expenses | 7,441 | 7,448 | 14,986 | 13,702 | ||||
Depreciation and amortization | 118,982 | 129,887 | 248,268 | 262,255 | ||||
Impairment of long-lived assets | 15 | - | 245 | - | ||||
Total costs and expenses | 434,526 | 424,694 | 863,646 | 879,757 | ||||
Operating income (loss) | 65,308 | 34,772 | 118,770 | 45,375 | ||||
Other income (expense): | ||||||||
Interest income, net | 5,240 | 10,760 | 11,189 | 26,343 | ||||
Interest expense, net of amounts capitalized | (28,868) | (38,258) | (63,535) | (74,491) | ||||
Gains (losses) on investments, net | 30,633 | (6,090) | 109,233 | (52,762) | ||||
Equity in earnings (losses) of unconsolidated affiliates, net | (4,044) | (6,345) | (2,670) | (3,732) | ||||
Foreign currency transaction gains (losses), net | 665 | 1,560 | (3,404) | (9,284) | ||||
Other, net | (12,767) | (391) | (13,697) | (670) | ||||
Total other income (expense), net | (9,141) | (38,764) | 37,116 | (114,596) | ||||
Income (loss) before income taxes | 56,167 | (3,992) | 155,886 | (69,221) | ||||
Income tax benefit (provision), net | (21,152) | (10,851) | (43,299) | (3,359) | ||||
Net income (loss) | 35,015 | (14,843) | 112,587 | (72,580) | ||||
Less: Net loss (income) attributable to non-controlling interests | 2,280 | 3,431 | 3,227 | 6,873 | ||||
Net income (loss) attributable to EchoStar Corporation common stock | $ | 37,295 | $ | (11,412) | $ | 115,814 | $ | (65,707) |
Earnings (losses) per share - Class A and B common stock:
|
||||||||
Basic | $ | 0.41 | $ | (0.12) | $ | 1.26 | $ | (0.67) |
Diluted | $ | 0.41 | $ | (0.12) | $ | 1.25 | $ | (0.67) |
For the six months ended June 30, | ||||
2021 | 2020 | |||
Cash flows from operating activities: | ||||
Net income (loss) | $ | 112,587 | $ | (72,580) |
Adjustments to reconcile net income (loss) to cash flows provided by (used for) operating activities: | ||||
Depreciation and amortization | 248,268 | 262,255 | ||
Impairment of long-lived assets | 245 | - | ||
Losses (gains) on investments, net | (109,233) | 52,762 | ||
Equity in losses (earnings) of unconsolidated affiliates, net | 2,670 | 3,732 | ||
Foreign currency transaction losses (gains), net | 3,404 | 9,284 | ||
Deferred tax provision (benefit), net | 34,024 | (2,452) | ||
Stock-based compensation | 3,825 | 4,509 | ||
Amortization of debt issuance costs | 2,008 | 2,120 | ||
Other, net | 6,198 | (7,295) | ||
Changes in assets and liabilities, net: | ||||
Trade accounts receivable and contract assets, net | (3,363) | (5,262) | ||
Other current assets, net | (1,120) | (11,642) | ||
Trade accounts payable | (9,631) | (11,701) | ||
Contract liabilities | 23,251 | (11,229) | ||
Accrued expenses and other current liabilities | 621 | 27,050 | ||
Non-current assets and non-current liabilities, net | (5,114) | 5,729 | ||
Net cash provided by (used for) operating activities | 308,640 | 245,280 | ||
Cash flows from investing activities: | ||||
Purchases of marketable investment securities | (939,255) | (555,367) | ||
Sales and maturities of marketable investment securities | 1,824,332 | 977,532 | ||
Expenditures for property and equipment | (262,466) | (196,904) | ||
Expenditures for externally marketed software | (16,835) | (19,237) | ||
Purchase of other investments | (50,000) | (5,500) | ||
Sales of other investments | 10,516 | - | ||
Net cash provided by (used for) investing activities | 566,292 | 200,524 | ||
Cash flows from financing activities: | ||||
Repurchase and maturity of the 2021 Senior Unsecured Notes | (901,818) | - | ||
Payment of finance lease obligations | (476) | (421) | ||
Payment of in-orbit incentive obligations | (1,431) | (1,021) | ||
Net proceeds from Class A common stock options exercised | - | 436 | ||
Net proceeds from Class A common stock issued under the Employee Stock Purchase Plan | 4,815 | 5,300 | ||
Treasury share repurchase | (163,822) | (5,893) | ||
Contribution by non-controlling interest holder | 9,880 | 10,000 | ||
Other, net | (966) | 674 | ||
Net cash provided by (used for) financing activities | (1,053,818) | 9,075 | ||
Effect of exchange rates on cash and cash equivalents | (443) | (19,232) | ||
Net increase (decrease) in cash and cash equivalents | (179,329) | 435,647 | ||
Cash and cash equivalents, including restricted amounts, beginning of period | 896,812 | 1,521,889 | ||
Cash and cash equivalents, including restricted amounts, end of period | $ | 717,483 | $ | 1,957,536 |